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Junior Cash ISA

Terms and Conditions relating specifically to the Junior Cash ISA

These terms and conditions below must be read in conjunction with our Statement of Practice Investors leaflet, which details generic terms and conditions relating to all of our savings accounts.

You must be less than 18 years of age to open a Junior Cash ISA.

Under Junior ISA regulations, withdrawals and closures are not allowed until the named child reaches 18 or in cases of terminal illness or death.

Prior to the child reaching 16, anyone with parental responsibility will be allowed to open and operate the Junior Cash ISA on a child's behalf. However, anyone can make deposits into a Junior Cash ISA (Grandparents for example) and the deposit will be treated as a gift and earn tax free interest

United Kingdom children with a Child Trust Fund (CTF) are not eligible to hold a Junior Cash ISA.

Subject to Child Trust Fund Terms and Conditions you can transfer balances in a Child Trust Fund into a Junior Cash ISA.

You will be contacted shortly before the named Junior Cash ISA account holder reaches their 18th birthday to discuss what they wish to do with their savings.  If no instructions are received, the capital and interest will be transferred to the Society's Adult Cash ISA available at that time.  Further details regarding our Cash ISA will be sent to the Junior Cash ISA holder just before they reach 18.

A child over the age of 16, resident in the UK, will be able to open a Junior Cash ISA on their own behalf, as well as an adult Cash ISA.

You cannot open more Junior Cash ISAs than that described in the current legislation.

Your initial investment must be a minimum of £10.  Please make cheques payable to yourself not Leek United.

The maximum amount you can invest in a Junior Cash ISA can change on an annual basis as prescribed by HM Revenue and Customs.  Further details of the Junior Cash ISA tax allowance applicable at the current time can be found at https://www.gov.uk/junior-individual-savings-accounts.

Once you have reached the maximum investment during any one tax year, no further deposits will be permitted.

The interest rate is variable, is calculated on a daily basis and paid on 1 January each year.

The Junior Cash ISA investment will be, and must remain, the beneficial ownership of the investor and must not be used as security for a loan.

If the investment fails to satisfy the provisions of the Junior ISA Regulations, the Junior Cash ISA will become void and we will notify you.

Once you have opened your Leek United Junior Cash ISA, a letter will be sent to you enclosing your passbook.  Two working days after the date of that letter, you will have 14 days to notify us that you wish to change your mind and the account will be closed with no loss of interest to you.

Notice of cancellation can be made in person or by written notification.

The Junior Cash ISA manager will satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.

On the instructions of the investor and within the time stipulated by the investor, a Junior Cash ISA with all rights and obligations shall be transferred to another Junior ISA manager in whole or part.

This Junior Cash ISA product does not meet minimum stakeholder requirements, as the Society may not increase the interest rate within one month of the Bank of England base rate changing

Tax assumptions are those currently applicable and are subject to statutory change.

For details relating to the Financial Services Compensation Scheme please click here.

If you wish to make a regular payment into your Leek United savings account, once it has been opened, why not do this by setting up a standing order - it's quick and easy to do.

To open a Junior Cash ISA savings account, please complete and return a savings application form to:

 

Savings Department

Leek United Building Society

50 St Edward Street

Leek

Staffordshire

ST13 5DL

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